Why Nikola Stock Soared Today

Shares of Nikola (NASDAQ:NKLA) up more than 15% on Thursday morning. The share was boosted by company-specific news and new publicity for hydrogen as a transportation fuel.

As of 11:10 a.m. ET today, Nikola shares remained up 10.6%. That helped push the share price above the $1 level that is important for maintaining a stock market listing.

Hydrogen and the Olympic Games

Yesterday, Nikola announced plans for the construction of a new hydrogen filling station of the energy brand HYLA in Western Canada. The new station will be the province of Alberta’s first commercial hydrogen fueling station and the first in what Nikola and its partners plan to be a refueling network to support the use of hydrogen-powered heavy-duty trucks.

That follows an announcement last week to mark the opening of the company’s first HYLA gas station in Southern California. It went into service last month and can fuel up to 40 Nikola hydrogen fuel cell-electric trucks daily. The company plans to have a total of fourteen gas stations operational by the end of the year.

The stations provide a necessary infrastructure to support Nikola sales growth Hydrogen powered Class 8 trucks. But investors today might be more responsive to news from the commercial gas company Liquid air will demonstrate hydrogen filling stations during the Olympic Games in Paris this summer. As an official proponent of hydrogen fuel, the company is highlighting a network of stations that can fill 500 hydrogen cars during the Olympics.

Investors likely see that support as a sign of legitimacy for Nikola and its plans to increase the use of its hydrogen trucks in North America. The company and its shareholders are certainly…

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